Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIDDLETOWN, NJ-Mack-Cali Realty Corp., based in Cranford, NJ, has provided a mezzanine loan facility for up to $16.3 million, secured by the equity interests in One River Center here. The financing will help cover re-tenanting costs at the three-building, 480,000-sf complex, which is currently just over 52% leased.

Mack-Cali has been hired by the asset’s owner, a limited partnership, as the property manager and leasing agent for the class A complex. The loan, which has a three-year term, carries an 11% interest rate with a pay rate of 250 basis points over LIBOR, and is convertible into a 62.5% ownership interest in the property.

“One River Center is perhaps one of the finest office complexes in Monmouth County,” says Mitchell E. Hersh, Mack-Cali’s CEO. “We look forward to bringing our management and leasing services to this property and to enhancing our presence in this submarket.”

One River Center consists of two, four-story buildings of 124,000 sf and one, three-story, 232,000-sf on just over 35 acres near the Garden State Parkway.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.